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The new regulator of consumer financial products would be housed in the Federal Reserve and would have the ability to write rules, but most of enforcement would be done by the safety and soundness regulator, according to media reports of a bill to be unveiled today by Senate Banking Committee Chairman Christopher Dodd (D-Conn.).

The bill would give regulators, such as the NCUA, the power to enforce regulations though the consumer regulator could participate in an examination of a financial institution if it were concerned about a financial institution’s practices.

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